Image: Natalia Kollegova, Pixabay
The Task Force for Nature-related Financial Disclosure (TNFD) has announced the names of the selected members of the Task Force and the launch of the TNFD Forum, comprising more than 150 organisations, including Ecoacsa.
30 senior executives from financial institutions, corporates and service providers have been appointed as Taskforce Members to drive work on the TNFD framework and more than 150 institutions have signed up to provide support to the Taskforce by joining the TNFD Forum, a consultative grouping of institutional supporters, making available their global, cross-sector expertise when required.
The Task Force members will work with the TNFD co-chairs to develop the framework over the next two years, forming five working teams to drive the preparation of a first framework (beta version) to be launched in early 2022.
Led by Elizabeth Mrema, TNFD Co-Chair, United Nations Assistant Secretary General and Executive Secretary of the UN Convention on Biological Diversity (CBD), and David Craig, TNFD Co-Chair, former CEO of Refinitiv and Strategic Advisor to the London Stock Exchange Group (LSEG), the Task Force members held their first meeting on 6 October to launch their work to develop and deliver a risk management and financial disclosure framework that supports a shift in global financial flows away from negative outcomes for nature and towards positive ones.
The finalised framework is earmarked for release in late 2023. However, a draft beta version will be circulated in early 2022 to be tested and refined via an open-innovation approach with market participants throughout next year.
The 30 Taskforce Members have been selected for their sector and geographical coverage and their individual subject-matter expertise across nature and finance that can support TNFD’s mission. The Members represent sectors with the largest impact and dependencies on nature, such as agribusiness, the blue economy, food & beverage, mining, construction, infrastructure and others, and are globally representative coming from 14 countries across 5 continents.
The Taskforce membership will ultimately consist of up to 35 individuals. Selection of the remaining senior executives is currently underway, bringing in further specialists from sectors and geographies to broaden the Taskforce’s geographic and sector coverage and its diversity of expertise.
Each Taskforce Member will be part of at least one of five initial Working Groups through which the specific, technical work will begin to develop the TNFD framework.
The five Working Groups comprise of and their work will focus on:
Statements from members of the Task Force
“The financial rationale for managing nature-related risks is increasingly clear now, but the information for identifying and acting on the risks in practice is not easily available. By joining the TNFD as a Taskforce Member, I look forward to contributing to TNFD’s efforts in developing a risk management and disclosure framework, and to working together with our ecosystem to ensure key inputs from broad sets of stakeholders are captured.”
“As a company operating in the food and beverage sector, addressing nature-related risks is a business imperative for Nestlé. We are already working on this within our organisation, but the complexity of the challenge requires collaboration, and so I’m thrilled to be joining the TNFD as a Taskforce Member. I’m looking forward to working with the other Members and wider network of stakeholders to develop a framework that will enable organisations like ours to both manage risks and identify opportunities in the nature space.-
Each Taskforce Member will be part of at least one of five initial Working Groups through which the specific, technical work will begin to develop the TNFD framework.
The five Working Groups comprise of and their work will focus on:
- Defining nature-related risks
- Data availability
- Landscape of standards and metrics
- Development of a Beta framework
- Pilot testing and integration
TNFD Forum
Supporting the work of the Taskforce itself is a broader consultative body of institutional supporters and partners known as the TNFD Forum.
The TNFD Forum is a global multi-disciplinary consultative group of institutions launching with over 150 Forum members. These institutions share the vision and mission of the TNFD and have expressed the willingness to make themselves available to contribute to the work of the Taskforce. The TNFD Forum is open for membership and expected to grow over time as more organisations become aware of the importance of their engagement and come on board to support a shift in financial flows towards nature-positive outcomes. In addition to the already confirmed Forum members, a further 100 institutions have also expressed interest in joining the Forum in the short term.
Read on at TNFD
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